South Korea is no more a crypto-friendly country after the country hit ICO ban back in September last year but the case may now change. According to the local media, South Korea’s National Assembly proposed a plan to lift the ban on ICO, hence to allow domestic Initial Coin Offering again.
South Korea’s National Assembly, the unicameral national legislator of South Korea comprising 300 members was reportedly studying the “Fourth Industrial Revolution”. The focus of such study is to legalize the cryptocurrency within the country – With this, South Korean is closer to remove the country’s ban ICO which the Financial Service Commission outlawed token sale in September 2017.
During a general meeting on Monday at the National Assembly’s Special Committee, the panel discusses the failure of attaining “accurate regulatory reform” to knob up the “expansion of blockchain application” within the country. As a result, major South Korean companies were relocating to crypto-friendly countries like Singapore and Switzerland.
Moreover, the community went on conferring to creating the task force that would respond to create “healthy trading atmosphere” by making cryptocurrency swap more transparent.
In a word by Fourth Industrial revolution committee,
“We need to form a task force including private experts in order to improve transparency of cryptocurrency trading and establish a healthy trade order. The administration also needs to consider setting up a new committee and building governance systems at its level in a bid to systematically make blockchain policy and efficiently provide industrial support. We will also establish a legal basis for cryptocurrency trading, including permission of ICOs, through the National Assembly Standing Committee.”
Also, the committee suggests regulators restructure their policies and approaches on cryptocurrency and blockchain legislation.
South Korea has been in bulletins since few days – With Bithumb banning 11 countries from using its trading platform and in contrast lawmakers drafting a bill, intends to support the launch of new ICOs within the country.